(AGENPARL) – mar 07 novembre 2023 “You are subscribed to FinCEN Updates. The information below is available at FinCEN.gov.”
*FinCEN Finalizes Rule for Use of FinCEN Identifiers in Beneficial Ownership Information Reporting*
On November 7, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about individual beneficial owners. A FinCEN identifier is a unique number that FinCEN will issue upon request after receiving required information. Although there is no requirement to obtain a FinCEN identifier, doing so can simplify the reporting process and allows entities or individuals to provide the required identifying information directly to FinCEN.
In response to commenter concerns that the reporting of entity FinCEN identifiers could obscure the identities of beneficial owners in a manner that might result in greater secrecy or incomplete or misleading disclosures, the final rule provides clear criteria that must be met in order for a reporting company to report an entity’s FinCEN identifier. The final rule will be effective January 1, 2024, to align with the effective date of the BOI Reporting Rule.
To learn more about FinCEN identifiers, see Chapter 4.3 of FinCEN’s Small Entity Compliance Guide available at https://fincen.gov/boi/small-entity-compliance-guide.
*News Release: *https://www.fincen.gov/news/news-releases/fincen-finalizes-rule-use-fincen-identifiers-beneficial-ownership-information
*Federal Register Notice: *https://www.federalregister.gov/public-inspection/2023-24559/use-of-fincen-identifiers-for-reporting-beneficial-ownership-information-of-entities
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This service is provided to you at no charge by the Financial Crimes Enforcement Network. Visit us on the web at http://www.fincen.gov/.
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